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08.06.201715:01 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for June 8, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 08.06.2017 analysis

Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 (Multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target is projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

Otherwise, the EUR/USD pair remains trapped within the depicted consolidation range (1.0500-1.1260).

Exchange Rates 08.06.2017 analysis

Daily Outlook

In January 2017, the previous downtrend was reversed when a Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

The next daily supply level to meet the EUR/USD pair is located between (1.1400-1.1520) where price action should be watched for possible bearish rejection.

Recent Update: The price levels around 1.1270-1.1285 constitute Intraday resistance where some bearish pullback is being expressed.

Bullish breakout above 1.1285 is needed to allow further bullish advance towards 1.1400.

Trade recommendations:

The EUR/USD pair remains bullish initially towards 1.1400 unless evident signs of bearish rejection are expressed earlier on the chart.

A valid SELL Entry can be considered at the depicted supply zone (1.1400 up to 1.1520) especially if signs of bearish rejection are expressed.

S/L should be placed above 1.1550 while T/P levels should be placed at 1.1100, 1.1020 and 1.0850.

Mohamed Samy
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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